FHFA and CFPB: Updated Data from the National Survey of Mortgage Originations Released for Public Use

Data Highlights Borrowers’ Experiences Obtaining a Mortgage During the Pandemic The Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) today published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). The data also provide updated mortgage performance and credit information […]

CFPB: New Registry to Detect Repeat Non-Bank Financial Firm Offenders Proposed

Registry of company and court order information will help the agency identify and mitigate risks to American households Today, the Consumer Financial Protection Bureau (CFPB) proposed requiring certain nonbank financial firms to register with the CFPB when they become subject to certain local, state, or federal consumer financial protection agency […]

CFPB: Research Finds Members of Reserves and National Guard Paying Millions of Dollars in Extra Interest Each Year

Companies can take steps to better respect military borrower rights and ease financial burdens, particularly in higher interest rate environment Today, the Consumer Financial Protection Bureau (CFPB) released research revealing that Reserve and National Guard members called to active duty are paying an extra $9 million in interest every year […]

CFPB: Supervisory Examinations Find Credit Reporting Failures, Junk Fees and Mishandling of COVID-19 Protections

Agency examiners find legal violations across consumer financial products and services Today, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the first half of 2022. The report details key findings across consumer financial products and services, […]

CFPB: New Report Highlights Problems with Tenant Background Checks

Errors and false information in tenant background checks raise costs and barriers to quality rental housing Today, the Consumer Financial Protection Bureau (CFPB) issued two reports on the tenant background check industry. The reports describe how errors in these background checks contribute to higher costs and barriers to quality rental […]

CFPB: New Bulletin Published Analyzing Rise in Crypto-Asset Complaints

“Pig butchering” and other scams lead list of crypto-asset complaints Today, the Consumer Financial Protection Bureau (CFPB) released a new complaint bulletin that highlights complaints the CFPB received related to crypto-assets. Consumers most commonly reported being victimized by frauds, theft, account hacks, and scams. Consumers also had issues with executing transactions and […]

CFPB: New Guidance Issued to Address Investigation Practices by Consumer Reporting Agencies

When consumer reporting companies and furnishers fail to investigate disputed information, consumers are left paying higher interest rates and face greater difficulty finding housing, employment Today, the Consumer Financial Protection Bureau (CFPB) issued a circular to affirm that neither consumer reporting companies nor information furnishers can skirt dispute investigation requirements. […]

CFPB: Agency Kicks Off Personal Financial Data Rights Rulemaking

Proposals under consideration would fuel market competition and strengthen consumer data rights Today, the Consumer Financial Protection Bureau (CFPB) outlined options to strengthen consumers’ access to, and control over, their financial data as a first step before issuing a proposed data rights rule that would implement section 1033 of the […]

CFPB: New Guidance Issued to Help Banks Avoid Charging Illegal Junk Fees on Deposit Accounts

Agency highlights surprise overdraft and surprise depositor fees Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about two junk fee practices that are likely unfair and unlawful under existing law. The first, surprise overdraft fees, includes overdraft fees charged when consumers had enough money in their account to cover […]

CFPB: Guidance Issued to Address Junk Data in Credit Reports

Effort seeks to address false information on the credit reports of children in foster care and the general public Today, the Consumer Financial Protection Bureau (CFPB) issued guidance to consumer reporting companies about their obligation to screen for and eliminate obviously false “junk data” from consumers’ credit reports. Companies need […]